Niger Insurance Plans N15bn Properties Sale To Recapitalise

January 22, 2021
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BY ZAKA KHALIQ  |

Niger Insurance Plc is set to sell the company’s real estate and investment property valued at N15billion in a bid to improve its liquidity, ensure reserve adequacy and improve solvency margins as well as recapitalise its operations.

Speaking on this development at the 2019 annual general meeting of the company, in Lekki, Lagos, the managing director/CEO, Mr Edwin Igbiti, said, the properties have been put on sale following the approval of shareholders mandating the company to do so.

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According to him, “We are encouraged by the progress made so far, and confident that both our capital restructuring and recapitalisation efforts will be successful in line with NAICOM’s regulatory timelines.”

Stating that his underwriting firm is investing in data analytics and technology to differentiate its offerings, drive sales, improve service standards and operating efficiency, he added that, the insurer has upgraded its information systems, including its core insurance application and deployed digital platforms and technology solutions to all its office locations across the country.

“We have reviewed our locations strategy to align with target markets/segments as well as optimise costs. Also, we are redesigning and simplifying our offerings to allow flexible pricing and varying customer preferences. I have no illusions that there is still a lot of work ahead and trust that we can count on the continued support of our esteemed shareholders and other stakeholder groups over the long- term,” he pointed out.

Earlier, the chairman of the company, Stephen Dike, had said, the company paid N1.7billion as claims and benefits to its policyholders in its 2019 financial year as against N1.6billion paid in 2018 financial year.

He added that the company has been aggressive in its efforts to unlock capital through restructuring of its investment portfolio while divesting from under-performing asset classes, in a bid to continue to perform its civic duties and responsibilities to policyholders, shareholders and stakeholders respectively.

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